Morocco offshore

Chevron Morocco Exploration has announced that it has signed petroleum agreements with a Moroccan hydrocarbons and mining firm, Office National des Hydrocarbures et des Mines (ONHYM), to acquire stakes in three offshore exploration blocks.

The blocks, namely Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, are located between 60 and 120 miles (100km to 200km) west and north-west of Agadir, Morocco.

Covering a total area of about 11,300 square miles (29,200m²), the blocks are situated at average water depths ranging between 330ft to 14,700ft (100 to 4,500 metres). Once the deal is complete, the company will acquire seismic data and conduct studies in the deepwater blocks.

Chevron Africa and Latin America Exploration and Production Company president Ali Moshiri said: "This is an opportunity for Chevron to expand its already strong presence in the region and allows us to acquire further knowledge about promising geology in an emerging area."

"Once the deal is complete, the company will acquire seismic data and conduct studies in the deepwater blocks."

Post transaction, Chevron Morocco Exploration, which is a wholly owned subsidery of US-based energy company Chevron, will hold a 75% working interest in the three blocks, while the Office National des Hydrocarbures et des Mines will own the remaining 25% interest.

On 16 January 2013, Chevron also announced that its subsidiary, Chevron China Energy Company, had signed production sharing contracts (PSC) with China National Offshore Oil (CNOOC) for two exploration blocks in the Pearl River Mouth Basin in the South China Sea.

As a part of the deal, Chevron China Energy will acquire 100% interest in blocks15/10 and 15/28 in the Pearl River Mouth Basin. The two blocks will cover a total area of about 5,782km².


Image: Chevron Morocco Exploration will acquire stakes in three offshore exploration blocks in Morocco. Photo courtesy of Chevron.